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Rosneft calls BP and Shell's shift to renewables an 'existential crisis'

  • There's a growing divide between state-backed companies and oil majors that have helped shape the modern energy industry.
  • Attacking their shift towards renewables, Russia's Rosneft (OTCPK:RNFTF) lashed out at BP (NYSE:BP) and Royal Dutch Shell (RDS.A, RDS.B) for creating an "existential crisis" for oil supplies.
  • "I think that to go away from your core business, which is what they are doing, somebody will need to step in... somebody will need to take that responsibility," Rosneft's Didier Casimiro told the Financial Times Commodities Global Summit. "It is an existential threat for supply. It is an existential threat for price volatility... we will have a [supply] crunch, price volatility, and yes higher prices."
  • Note: BP holds a 20% stake in Rosneft as a legacy of its investments in Russia.

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